Gold

Digital Gold

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/powell-discusses-bitcoins-position-as-digital-gold/" data-wpel-link="internal">Powell Discusses Bitcoin’s Position as Digital Gold</a> 
While preparing this article, Fed Chair Powell delivers statements indicating he will remain in his position until the end of his term. Previously, we discussed how dreams regarding a potential rapid decrease in interest rates, favoring bulls, have been dashed. So, what do Powell’s statements mean for <a href="https://en.coin-turk.com/analysts-discuss-bitcoins-potential-turning-point/" data-wpel-link="internal">cryptocurrencies</a>? 
<h2 style="text-align: justify" id="insights-from-the-fed-chair">Insights from the Fed Chair</h2> 
Although inflation data remains relatively close to the 2% target, it shows a halt in steady decline. Members mention the possibility of reaching the 2% target within the next two years, but this lengthy process has led to a belief that there might be a maximum of three interest rate cuts next year. This sentiment falls below previous annual reduction expectations among Fed members. 
Powell states that Bitcoin (BTC) competes not with the US dollar but with Gold, essentially confirming its status as digital gold. 
Key points from Powell’s remarks include the following: 
<blockquote> 
 “Powell: Higher immigration is one of the reasons for strong growth in 2023. (Likely with Trump) tariff proposals are being modeled, examined, and evaluated. It is likely that low survey response rates have increased volatility in labor market predictions. The Fed aims to find a middle ground where policy is less restrictive, allowing inflation to decrease without harming the labor market. The economy is in good shape, and there is no reason for this not to continue. Unemployment remains very low, and we are making progress on inflation. 
 We have acted very quickly on interest rates. I feel very good about where monetary policy stands. There is broad support for an independent Fed in both parties, and I don’t think there’s a risk of losing that. 
 Bitcoin is just like gold, with the only difference being that it is digital. Bitcoin is used as a speculative asset; it competes with gold, not the US dollar.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-412103 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-04_22-18-20.png" alt="" width="1814" height="836"> 
The Fed’s Beige Book was published during the discussion, reporting modest price increases across states. Similarly, economic activity has also increased. 
The post <a href="https://en.coin-turk.com/powell-discusses-bitcoins-position-as-digital-gold/" data-wpel-link="internal">Powell Discusses Bitcoin’s Position as Digital Gold</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Powell Discusses Bitcoin’s Position as Digital Gold

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